VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 8, 2008) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") is pleased to announce a significant intersection of radioactivity in a drill hole on the Gumboot property in the eastern Athabasca Basin, Saskatchewan. Gumboot is 100% owned by Pitchstone and is located about 20 kilometers northwest of Cameco Corporation's Cigar Lake uranium deposit.
Diamond drill hole GB-04, the only hole drilled at Gumboot in 2008, encountered a 40 meter long interval of moderate to intense alteration and fracturing in Athabasca Group sandstone a short distance above the basal unconformity. Several zones of anomalous radioactivity were recorded within this interval with a down-hole probe (Mount Sopris 2PGA-1000). The maximum probe response was 13,017 counts per second (cps), at a down hole length of 651.0 meters, within a 1.0 meter zone that averaged 7,348 cps. Background radioactivity in sandstone as measured with the probe is less than 200 cps.
Due to the high degree of alteration, core coincident with the strongest probe responses was not recovered and grades cannot be determined. Athabasca uranium deposits are usually related to zones of strong alteration and it is common to experience poor core recovery in proximity to mineralization. Weak radioactivity was detected in drill core with a hand held scintillometer within the 40 meter altered zone and analyses of the cored material are pending.
Previous exploration on Gumboot has outlined a strong 5 kilometer long conductor. This feature has been previously tested with 2 historical holes and 3 holes completed by Pitchstone (see location map at www.pitchstone.net). All of these holes returned samples with elevated uranium (to 0.10% U3O8 over 0.3 meter in GB-01) and uranium pathfinder element values. Pitchstone considers the intersection in GB-04 to be the most significant encountered on Gumboot to date, however, several additional holes will be required to substantiate the probe results and determine uranium grades.
Steve Blower, P.Geo., President of Pitchstone, is the Qualified Person for the purposes of NI 43-101 with respect to the technical information in this news release. Sample preparation and analyses are done by SRC Geoanalytical Laboratories, Saskatoon. A partial digestion with fluorimetric analysis is used for initial uranium determinations and all samples containing greater than 100 ppm uranium are re-analyzed with ICP. Pitchstone utilizes internally and externally submitted standard reference materials for quality assurance and quality control of the sample preparation and analyses.
About Pitchstone
Pitchstone is actively exploring for uranium in four proven districts. The property portfolio features ten projects in the eastern Athabasca Basin, Saskatchewan, five of which are joint ventured with Uranium One Inc. and five are 100% owned. In addition, there are four joint venture projects with Triex Minerals in the Hornby Bay Basin, Nunavut, an exploration partnership with Cameco and Motapa Diamonds in the Franceville Basin, Gabon, and an option on three projects in Namibia. Pitchstone has a unique group of geologists with extensive uranium exploration and production experience.
On behalf of the Board,
E.A.G. (Ted) Trueman, CEO and Director
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond Pitchstone's control, that may cause actual results or performance to differ materially from those currently anticipated in such statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Pitchstone Exploration Ltd.Jag Sandhu